Do you want to become rich?
In today’s show we’re going to look at the habits you’re going to have to form to become richer, more successful, and get further in life.
This podcast is part of a series I’ve been doing with Finder.com.au. and in this episode, Mark and Sally ask me some of the same questions that you’re probably also been thinking about with regards to what makes the rich different, apart from the obvious – they have more money.
Self-made millionaires exhibit some of these Rich Habits:
They plan their future – set daily, weekly, monthly and long-term goals
Making money is one thing, but creating wealth is an entirely different thing.
They wake up early and plan their days
For many, their most productive hour is early in the morning before all the interruptions start.
They exercise and remain physically fit
You need to be fit emotionally and physically to fire on all pistons.
They’re good savers – the spend less than they earn, save the difference and invest.
They put together a financial plan, they budget, they focus on increasing their incomes and they automate their savings.
They get an early start with wealth building and allow compounding to work in their favour.
They understand the importance of delayed gratification.
There’s a mindset that’s prevalent these days.
It’s one of instant gratification in an on-demand society that looks for quick results with very little effort.
The rich know that life doesn’t work that way.
You need to put in the sweat equity if you’re looking to gain serious results.
They educate themselves, they’re always learning.
They read daily for education – not entertainment.
They upgrade their skills and knowledge to make themselves more valuable.
They hang around the right people.
You are the average of the 5 people you hang around the most.
There’s a saying: “Your network is your net worth.” In other words, if you lie down with dogs, you’ll come up with fleas.
They seek advice and have mentors – prepared to pay for it.
Be very careful selecting your mentors – there are many life coaches, business coaches and mentors out there who haven’t achieved much in their own lives and while they are well many, often caring people – but they can’t teach you something that they haven’t really achieved themselves.
Find someone who has already achieved what you want to achieve.
They have earned efficient time management
Everyone in this world has the same amount of time.
The 24 hours of each day is life’s greatest equalizer.
But it’s what you do with your day that will make a difference to how productive you are, how much value you add and how much money you make.
They don’t gamble.
The poor see gambling as their easy way out of the rat race.
The Rich know gambling is a tax for people who can’t do math.
They are generous – give to charity.
The rich believe that if you get to the top you have to send the lift down to bring others up.
Links and Resources:
Metropole’s Strategic Property Plan – to help both beginning and experienced investors
This show originally appear on the Finder.com.au Pocket Money Podcast
You can read a transcript of the show on Finder
Some of our favourite quotes from the show:
“Your outside world is really a reflection of what’s going on inside.” – Michael Yardney
“If you eat like healthy people eat and you exercise like healthy people exercise and you think like healthy people think, you’re going to change your body shape and your weight and your health, and much the same with successful people.” – Michael Yardney
“It’s never too late, but it takes a long time to create wealth, particularly in today’s low interest rate, low wages, low return environment.” – Michael Yardney
PLEASE LEAVE US A REVIEW
Reviews are hugely important to me because they help new people discover this podcast. If you enjoyed listening to this episode, please leave a review on iTunes – it’s your way of passing the message forward to others and saying thank you to me. Here’s how
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.